Monday, June 15, 2020

Alcohol Taxes To Reduce Consumption May Not Produce The Intended Result

"The rise in alcohol taxes since 2008 is, in part, due to an alliance of government and temperance interests." 

The abstract notes that in many countries, health lobbyists, "…argue that the negative effects of alcoholic drinking on individual consumers' health and their social behavior, and the externalities that can impose on their household and on society more generally, require high taxes on alcohol consumption in addition to other regulations."

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Publisher: Forbes
Date: 2020-06-14
Author: Thomas Pellechia
Twitter: @forbes
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While you're here, how about this:

Defined Benefit Plan Can Lower Your 2020 Taxes

Small Business Owners Can Protect their Bottom Line from Taxes with a Defined Benefit Pension Plan.

Paying fewer taxes is imperative for small business owners and the employed. The year 2020 will be challenging for many business owners, but if your business is still bringing in a nice income, you could benefit greatly from setting up the right retirement plan. For the top-performing business, this may be a combination of a 401(k) plan with a Defined Benefit Pension Plan, which could save you potentially hundreds of thousands of dollars in taxes.

Publisher: Forbes
Date: 2020-06-14
Author: David Rae
Twitter: @forbes
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NJ taxes: State spent nearly $11M to 'save' $11M. Are savings coming?

In the year and a half since Gov. Phil Murphy created a task force to investigate New Jersey's tax incentives, the team of lawyers said it has saved the state $11 million.

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But the panel expects to save the state multitudes more money over time and expects to issue a third and final report on its findings on the incentives administered through the Economic Development Authority, spokesman Darryl Isherwood said.

"The potential aggregate savings from projects that the Task Force has referred so far exceeds $550 million," Isherwood said.

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Publisher: North Jersey
Author: Dustin Racioppi
Twitter: @northjersey
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Four Ways to Reduce Your Taxes by July 15

If you haven’t set up a legal entity for your business, now is the time. Doing this opens the door to significant tax savings and will set you up for success. The process varies from state to state, but on average it takes four to six weeks. In addition, be mindful of the type of entity you choose, because it’s the key to paying less in taxes. Your tax advisor will be able to best determine if you should be taxed as self-employed, an "S" Corp, "C" Corp or partnership.

Publisher: Entrepreneur
Date: 2020-06-11T17:15:00Z
Author: Tom Wheelwright
Twitter: @Entrepreneur
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Were you following this:

Editorial: Taxes, honesty and hope for 2020 | TribLIVE.com

Except government. Government loves getting tax money. They might be skittish about passing the tax rate and loudly trumpet when they don’t raise it, but seeing how much money comes pouring in from sales tax and income tax and this tax and that tax? The seats of power never seem to mind having those purses full.

And so what’s happening now is so weird, it’s almost unsettling. It’s topsy-turvy. It’s a world gone mad.

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Westmoreland County commissioners gave residents an extended deadline for the 2% property tax discount this year because of the coronavirus pandemic. The idea was that it would give those taxpayers a little extra breathing room at a time when lots of people are dealing with layoffs or lower hours or disrupted schedules, not to mention some higher costs or medical bills.

Publisher: TribLIVE.com
Date: 2020-06-14T15:01:00-04:00
Author: TribuneReview
Twitter: @triblive
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Second half Idaho property taxes due June 22 | Bonners Ferry, Idaho | kootenaivalleytimes.com

Boundary County Treasurer Susan M. Larson reminds all Boundary County taxpayers that the deadline for paying the second half of the 2019 property taxes without penalty is Monday, June 22, due to the 20th falling on a weekend this year.

Reminders were mailed in May for delinquent taxes, if any, and the second half of the 2019 taxes. After June 22, per Idaho Code, a two-percent late charge and interest of one-percent per month will be added, retroactive to January 1, 2020, on the second half of the 2019 taxes.

Publisher: Kootenai Valley Times
Twitter: @KVTimes
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In some places in Texas, sales tax revenues have risen during the pandemic | The Texas Tribune

San Marcos and other cities have found a way to keep money flowing into their accounts in spite of the economic shutdown: the international shopping venue known as the internet.

Some of the biggest retailers don't have to have their doors open to customers to stay in business and even to thrive. Amazon's not the only big seller online, and the Texas cities those companies designate as the homes of their online stores reap the sales tax benefits — as if the stores themselves were based there. Best Buy, for instance, sources its internet sales to San Marcos.

Publisher: The Texas Tribune
Date: 2020-06-15T09:00:00 00:00
Author: Ross Ramsey
Twitter: @TexasTribune
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Washington Democrats Ponder Tax Increases In Face Of Bleak Budget

As Washington state grapples with the economic fallout from the COVID-19 pandemic, lawmakers are bracing for a bleak revenue forecast Wednesday that could portend a $10 billion drop in state tax collections over the next three years.

Already, a preliminary forecast in May predicted state revenues would crater by $7 billion over that time period. The official forecast is likely to be worse. The state’s current two-year budget is approximately $53 billion.

Date: 2020-06-15
Author: Austin Jenkins
Twitter: @OPB
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